>Housing is something people consume. It's durable, but so are cars and imagining them as being a gateway investment to the middle class because they will cost

>Housing is something people consume. It's durable, but so are cars and imagining them as being a gateway investment to the middle class because they will cost more in the future should be just as silly as for housing. But when you're talking a capitalization period on the order of the average person's lifespan, it becomes a new class of asset in my mind. You can't treat something which will pretty much guaranteed always exist until the day you die the same as a usable good.